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Pakistan plans to redevelop its Roosevelt Hotel in New York City, aiming for a valuation of at least USD 1 billion. The century-old, 1,000-room property, acquired in 2000 and closed in 2020, will be redeveloped for residential and office use. The government has approved a joint venture model, retaining equity ownership as part of a USD 7 billion privatization push. Jones Lang LaSalle (JLL) will manage the process, with an initial USD 100 million payment expected by June 2026 for the 4-5 year project, driven by high interest due to the hotel's prime location.
Pakistan is planning to redevelop its Roosevelt Hotel property in New York City. This initiative, recently announced, aims to maximize the long-term value from one of its foreign assets through a redevelopment plan targeting a significant valuation. Advertisement
The Roosevelt Hotel is a century-old property with over 1,000 rooms. Pakistan acquired it in 2000. Due to mounting losses, the hotel was shut down in 2020 and briefly operated as a migrant shelter. It is considered one of Pakistan's valuable foreign assets. The government plans to redevelop the hotel, aiming for a valuation of at least USD 1 billion. This plan is part of a larger USD 7 billion IMF-backed privatization push.
The Pakistani government has approved a joint venture model for the hotel's redevelopment, opting for this over an outright sale to maximize long-term value. The government intends to retain ownership through an equity partnership, though the size of the stake offered to potential joint venture partners has not been disclosed.
The property, spanning 42,000 square feet, is located near major New York landmarks like Grand Central Terminal and Times Square. It is envisioned for residential and office use. The redevelopment is estimated to take four to five years. An initial payment of USD 100 million is expected from the joint venture partnership by June 2026. Jones Lang LaSalle (JLL) will manage the redevelopment process.
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